Economy grows in 3Q, signals end of recession
October 29, 2009
By JEANNINE AVERSA, AP Economics Writer – 15 mins ago
WASHINGTON – The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes. It's the strongest signal yet that the economy has entered a new, though fragile, phase of recovery and that the worst recession since the 1930s has ended.
Going forward, many analysts expect the pace of the budding recovery to be plodding due to rising unemployment and continuing difficulties by both consumers and businesses to secure loans.
"This welcome milestone is just another step, and we still have a long road to travel until the economy is fully recovered," said Christina Romer, President Barack Obama's chief economist. "It will take sustained, robust ... growth to bring the unemployment rate down substantially. Such a decline in unemployment is, of course, what we are all working to achieve."
The much-awaited turnaround reported Thursday by the Commerce Department ended the streak of four straight quarters of contracting economic activity, the first time that's happened on records dating to 1947.
Continues: http://news.yahoo.com/s/ap/20091029/..._fi/us_economy
GDP Is..... Better Than Expected?
Thursday, October 29. 2009
Posted by
Karl Denninger
Oh what a tangled web we weave....
http://www.bea.gov/newsreleases/nati...ewsrelease.htm (Karl's link did not work so I found this)
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.5 percent in the third quarter of 2009, (that is, from the second quarter to the third quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.7 percent.
Looks good, right?
Hmmmm.... or is it?
Continues: http://market-ticker.denninger.net/a...-Expected.html